'Debt brake' loosened as Bundestag votes to spend more money, reflecting changing geopolitical times. CGTN’s Trent Murray reports from Munich.
Category
🗞
NewsTranscript
00:00Lawmakers here in Berlin have just passed the most expensive spending package in the history of modern Germany and much of that money will be channeled to the country's military.
00:11It comes after the incoming chancellor, Friedrich Merz, says Europe is facing uncertainty when it comes to security.
00:18He's pointed to hostilities in Ukraine as well as rhetoric out of the Trump administration questioning the US's commitment to NATO.
00:27It has really concentrated minds here in Germany and we've seen marathon discussions underway in recent weeks to try and get to the necessary two-thirds majority needed to change the country's constitution to allow much more borrowing for the country's military.
00:44Those talks were successful today for Friedrich Merz. He reached the necessary threshold and we expect around a trillion US dollars will now be spent both on infrastructure as well as the country's defence.